Wednesday, August 21, 2013

Hines Selling Prime Office Development Site in Plano’s Legacy Business Park

Houston-based real estate developer and investor Hines is selling a high-profile office building site in West Plano’s Legacy business park.
Hines in early 2012 purchased the former Computer Associates campus on Legacy Drive east of the Dalas North Tollway.
The acquisition of the 215,499-square-foot office complex included a 12-acre development site next door.
Hines had planned to build another office project on that land.
But since then Hines has become part of the more than 300-acre Frisco Station development further up the tollway in Frisco. That’s the same project where the Dallas Cowboys are moving their headquarters and practice facilities.
Hines has leased up the old Computer Associates campus to more than 95 percent.
And now Hines has agreed to sell its Legacy land at Legacy and Hedgcox Drive to Cawley Partners and Haggard Property Group.
Cawley and Haggard are looking for tenants to occupy a 4-story, 150,000-square-foot office building they call Legacy Center.
Author: Steve Brown

Downtown Dallas' Hotel Lawrence Sells to Local Investor

An historic downtown Dallas hotel has a new owner that plans to redo the property.
The 10-story Hotel Lawrence on Houston Street was purchased by an investment company owned by hotel operator Mehul Patel.
Built in 1925, the 120-room hotel is across the street from Dallas’ landmark Union Station and the George Allen Sr. Courts Buildings.
The new owners plans to renovate the 10-story building which has a restaurant and lounge on the ground floor.
“We saw a great opportunity and could not pass up the chance to acquire a historic landmark hotel,” Patel said in a statement. “We are excited about the restoration of the hotel and look forward to bringing back vibrancy to the building.”
Patel already owns more than two dozen Dallas-area hospitability properties.Patel said Tuesday that construction will start in the fourth quarter.
Author: Steve Brown

Dallas Nonresidential Building Contracts Almost Triple from a Year Ago

The latest measure of commercial construction in the Dallas area shows that activity has almost tripled in the last year.
McGraw Hill Construction reported on Tuesday that in July contracts for future nonresidential building in the area totaled almost $1.19 billion. A year earlier, Dallas-area nonresidential construction contracts were estimated at $403 million, McGraw Hill said.
Through the first seven months of 2013, nonresidential construction contracts in the Dallas area total $3.44 billion, the report found. That’s up 39 percent from the same period of 2012.
Residential building is also on the rise, with contracts 33 percent higher in July from a year earlier. Through the first seven months of this year, residential building contracts are running 26 percent ahead of 2012 levels, McGraw Hill said.
Author: Steve Brown

Boston-based Investor Buys Two North Texas Industrial Buildings

Real estate investment firm Cabot Properties has purchased two
Dallas-area industrial buildings.
The 754,554-square-foot acquisition includes the Northlake Industrial Center – off Interstate 35W north of the Alliance Texas development – and Towne Lake Business Park Two, located south of Dallas/Fort Worth International Airport.
Panattoni Development Co. built both properties in 2008. They are fully leased to tenants including Exel, CEVA Logistics and Falken Tire Corp.
HFF LP’s Randy Baird, Jud Clements and Robby Rieke marketed the properties for sale by Panattoni Development. Terms of the deal were not disclosed.
Cabot Properties is based in Boston and has $5.2 billion in properties in North America and the U.K.

Author: Steve Brown

Lincoln Property Co. Rounding Up Tenants for New Prosper Retail Project

Developer Lincoln Property Co. will start construction next year on a major retail development that will redefine the Collin County town of Prosper.
Working in partnership with Dallas Cowboys’ owner Jerry Jones, Lincoln will build the shopping center at the northeast corner of Preston Road and U.S. Highway 380, just north of Frisco.
The big box retail center will be part of the larger Gates of Prosper complex that Jones’ Blue Star Land plans to develop with LIncoln at the intersection. The overall development could ultimately be valued at $1 billion, according to projections by Prosper officials.
“Our first phase will be about 300,000 square feet of retail that will open in the fourth quarter of 2015,” said Lincoln Property executive vice president Robert Dozier. “We are working now on the first major leases.”
Other portions of the 500-acre Gates of Prosper complex are planned to contain office buildings, apartments and more retail space.
The project will provide new commercial space for the fast-growing Collin County community.
Blue Star Land first started buying properties along U.S. 380 in the mid 1990s.
The Prosper development site about eight miles from the location in Frisco where the Dallas Cowboys plans to relocate its practice facility and headquarters. The new Cowboy’s complex will be surrounded by a mixed-use project that includes retail space.
Author: Steve Brown

Dallas North Tollway Office Tower Up for Grabs

A Dallas North Tollway office tower is hitting the market.
KBS Realty Advisors has decided to sell the 14-story Millennium Tower at the tollway and Arapaho Road in Addison.
And the investor has selected CBRE Group to market the building.
The 351,683-square-foot high-rise is almost 98 percent leased and built in 1999. It’s been owned by KBS since 2008.
Tenants in the building include Dresser Inc., Life Insurance Company of the Southwest and Grand Homes.
CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill will market the building.
KBS’ plan to sell Millennium Tower is just the latest in a series of recent investment moves by the California-based real estate firm.
KBS just purchased two office tower complexes in Dallas’ Preston Center district – Preston Commons and Sterling Plaza.
Author: Steve Brown

Wednesday, August 14, 2013

New Plano Project Better Than Concept

In my many years of writing about the Dallas real estate market, I’ve seen loads and loads of artists’ pictures of planned buildings.
Some of my favorites are of stuff that never got built, like Frank Lloyd Wright’s hotel on Commerce Street or the second Fountain Place tower downtown.
Usually the buildings don’t live up to the artists’ idea of what the property will appear.
By the time the project is finished, most people have forgotten what it was supposed to look like.
Yesterday, I stopped by to see a new building that’s turned out to be streets ahead of what the original drawing showed.
I’m talking about Heady Investments’ new office project on the Dallas North Tollway in West Plano.
The just-finished, office building in Legacy business park is a looker – much better than the preliminary marketing photos.

Read More At:

Tuesday, August 13, 2013

New Retail High Rise to Accompany Stoneleigh Condo

The 18- to 20-story residential and retail office building is planned for the northeast corner of McKinney Avenue and Routh Street in Uptown Dallas.
A high-profile Uptown property will be home to a new high-rise.
Illinois-based Stoneleigh Companies LLC, along with Dallas-based Cheng Investments, plans to develop a 18-story to 20-story residential and retail tower at the northeast corner of McKinney Avenue and Routh Street in Uptown.
Early plans for the high-rise tower include 30,000 square feet of retail and restaurant space, along with 200 luxury apartment homes on the nearly 1-acre tract of land once occupied by the Hard Rock Cafe.

Read More At:
Staff Writer-Dallas Business Journal

Preston Hollow Village Coming to Dallas

It’s the most prominent vacant lot in all of Dallas.
The empty corner at Walnut Hill Lane and busy North Central Expressway is visible to tens of thousands of commuters every day.
But the high-profile land has sat fallow for the five years since developers knocked down more than 40 acres of aging apartments.
Grand construction plans for the site were tabled during the recession. Then new owners stepped up and invested millions in the property.
Now construction will finally begin — as soon as next week — on a retail, office and apartment complex that will fill part of the vacant corner.
A Trader Joe’s grocery store will anchor the development, which will be called Preston Hollow Village.
Read More At:

Real Estate Editor
Published: 01 August 2013 08:58 PM
Updated: 02 August 2013 11:33 AM

House Prices Greater than Pre-Recession Levels

A rendering of the 22-story condo tower, which is scheduled for completion this fall.

On a near-100-degree day recently, a number of workers were intent on raising a steel beam with the help of a crane outside the Residences of the Stoneleigh, the long-awaited 22-story condominium project that is nearing completion.
In fact, workers were focused on various parts of the condominium project that was abandoned when it landed in bankruptcy court in 2009. Construction began again on the project in earnest in February.
The $220 million project is scheduled for completion for customized build-out by the fall.

Read More At:

Staff Writer-Dallas Business Journal

Arden Group Purchases Expensive Real Estate

A real estate investor that’s making a push in North Texas has made two purchases: a North Dallas luxury hotel and an office tower in Irving.
Philadelphia-based Arden Group has acquired control of the LeMeridien Galleria near the Dallas North Tollway and LBJ Freeway and has bought a Las Colinas office tower.
“We’ve been looking at the Dallas market for a long time,” Arden Group CEO Craig Spencer said Wednesday. “Sometimes an outsider can see opportunities that others don’t.
“We saw that in Las Colinas and at the Galleria.”
Terms of the purchases were not disclosed.
Arden Group bought the 258-room LeMeridien hotel from HEI Hotels & Resorts, which will maintain an ownership stake in the property.
“We are now the majority owner, and they will continue to manage it,” Spencer said. “We are going to do about $3 million in renovations to continue to upgrade the asset.”

Read More At:

Real Estate Editor
Published: 24 July 2013 08:47 PM
Updated: 25 July 2013 06:25 AM

Luxury Residential High Rise in Coming to Katy Trail

One of the last vacant development sites on Dallas’ popular Katy Trail will be the location of a new high-rise residential building.
Developer JLB Partners is teaming up with Sammons Enterprises to build the 18-story, 299-unit apartment tower at Cedar Springs Road and Carlisle Street.
The prominent Uptown property was previously planned for a St. Regis Hotel tower.
JLB acquired the 2.3-acre tract after it went through foreclosure during the recession.
“This isn’t the kind of dirt that an apartment builder gets to play on very often,” said JLB chief executive Bay Miltenberger. “This is the best location we have built on in Dallas for sure — maybe nationwide.

Read More At:

Real Estate Editor
Published: 23 July 2013 08:54 PM
Updated: 24 July 2013 08:03 AM

Innovative Office Building in the Works

Cawley Partners will develop Knoll Trail Plaza, an office building along northbound Dallas Parkway between Keller Springs and Westgrove in Dallas.

The 120,000-square-foot, four-story project on 5.75 acres is under design by BOKA Powell architects and will feature efficient floor-plates and structured and surface parking. 

Energy cost savings, water efficiency, enhanced indoor air quality and green building materials and processes are among the sustainability elements incorporated into the design. 

Knoll Trail Plaza is expected to be delivered to the market in November 2014. The project is already 40% preleased by Sundown Energy, represented by Scott Morse, managing partner for Citadel Partners. 

Read More At:

July 23, 2013

Recent Acquisition of Interchange Office Center

BEVERLY, Mass.--()--Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, announced today that it has acquired Interchange Office Center, a three-story, multi-tenant Class A office building located in Dallas, Texas. Interchange Office Center, which has 150,596 square feet of space, was constructed in 1997 and is situated approximately 16 miles north of downtown Dallas at the intersection of the Dallas North Tollway and the George Bush Turnpike.

“Interchange Office Center is a well located, Class A asset that is 88% occupied by tenants whose rents are currently 15% – 20% below today’s market rents,” said Thomas W. Brown, Brookwood’s Director of Acquisitions. “There has been significant population and job growth in the Dallas area that has led to strong levels of market absorption, which when coupled with the overall lack of new construction, has resulted in both a decline in vacancy rates for Class A office space and upward pressure on rental rates along the North Dallas Parkway,” he added. “Our objective is to achieve higher rental rates as leases renew at the property and to lease-up the remaining vacant space at these higher rates.”

Read More At:

July 19, 2013 09:46 AM Eastern Daylight Time 

Record Breaking Housing Growth in Dallas Area

With Dallas-area home prices in many neighborhoods up by 10 percent or more so far this year, 2013 is shaping up to be one of the best years for the local housing market in decades.
Local pre-owned home sales in the first half of this year are running more than 20 percent higher than in the same period of 2012. They’ve set a North Texas sales record for a six-month period.
Some Dallas-area residential districts are experiencing the largest home price gains this area has seen since the 1980s.
Housing analysts and real estate agents predict that North Texas home sales and prices will continue to rise during the rest of this year, even with the recent increases in mortgage costs.
Concerns about the home market getting overheated are overblown, they say.
“The increase of sales we are seeing is a pure function of economics,” said Ted Jones, chief economist for Stewart Title Co. “This is not false hopes.
“It’s all about the jobs.”
With the Dallas-Fort Worth area among the top five employment growth centers in the country, Jones said, it’s only natural that demand for housing is so strong.
“In the last 12 months, the D-FW area created 104,600 net new jobs — that’s a lot of jobs,” Jones said. “In that same period, the total residential permits issued in this area were 34,720.
“We could have built twice as many homes and apartments and not overbuilt this market.”
A shortage of homes on the market is driving big price increases in many neighborhoods.
At midyear, some neighborhoods including Far North Dallas, Coppell, Richardson and Grapevine had less than a 11/2-month supply of homes listed for sale with real estate agents, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
A six-month housing inventory is considered a balanced market.
Real estate agents say competition is still fierce for prime properties.
“You write offers on five different houses and pray one gets accepted,” said Scott Schueler, an agent with Keller Williams Realty. “We have frustrated buyers and really happy sellers.”
So far the increases in both home costs and higher interest rates haven’t dampened demand.

Real Estate Editor
Published: 18 July 2013 11:15 PM
Updated: 19 July 2013 07:31 AM

Monday, August 12, 2013

Longtime Lakewood Business in East Dallas is Moving to New Digs

One of the most popular tenants in the Lakewood shopping center in East Dallas is planning a move to a new location.
The Lakewood Hardware store at 6420 Gaston Avenue will be relocating to a new spot in the Arboretum Village shopping center at Gaston and East Grand Avenue.
The long-time hardware store will be located in the same shopping strip with the new Fresh Marketspecialty grocery chain, which is expanding into the Dallas area.
The North Carolina-based grocer has rented its two first locations in Arboretum Village and in Turtle Creek Village in Dallas’ Oak Lawn area from developer Lincoln Property Co.
Lincoln Property is redoing both the Lakewood shopping center building where the hardware store is located and the Arboretum Village shopping center further northeast up Gaston Avenue.
Construction is set to start on the Arboretum Village development in the next couple of months.
Read more at: Dallas News
Author: Steve Brown

CBRE Buys, Plans to Improve North Dallas Office Complex

Los Angeles-based CBRE Global Investors acquired a two-building North Dallas office complex, with plans to reposition the property with a short-term loan.
Terms of the deal were not disclosed.
Signature Place, a Class A two-building office complex totaling 437,363 square feet, sits on a 10-acre site near the intersection of Preston Road and Belt Line Road in North Dallas. The buildings, built in 1984 and 1986, are part of an office complex that includes a four-story adjacent garage.
The firm acquired the property on behalf of CBRE Strategic Partners US Value 6 from DRA Advisors. CBRE's debt and equity finance team obtained a three-year loan through Bank of America for the property.
Read more at: Dallas Business Journal
Author: Candance Carlisle

Arlington Industrial Complex is Sold to KTR Capital

New York-based investor KTR Capital Partners has purchased a 3-building industrial property in Arlington.
The 543,000-square-foot warehouse center at 600 109th Street is located just east of State Highway 360.
The industrial complex is fully leased to industrial tenants.
“This acquisition presents a good opportunity to expand our presence in a competitive market at a relatively low basis coupled with an attractive yield,” Mace McClatchy, vice president of investments for KTR, said Monday in a statement.
Terms of the acquisition were not disclosed.
With the latest purchase, KTR has about 2.4 million square feet of Dallas-Fort Worth area real estate.
Read more at: Dallas News
Author: Steve Brown

Nutritional Science Laboratories to Open Lewisville Manufacturing Plant

A Florida-based nutritional supplements company plans to open a large manufacturing and distribution facility in Lewisville.
Nutritional Science Laboratories -- a producer of nutrient-dense foods and dietary supplements -- signed a 266,640-square-foot industrial lease for the property off Interstate 35E near President George Bush Turnpike. The building also gives the company the ability for future expansion.
The facility is a great fit for Nutritional Science and gives the company the ability to meet increased consumer demand and fulfill customer orders quickly, said Rick Medinis, executive vice president and principal at NAI Robert Lynn.
Medinis and Tyson Erwin represented the landlord, Exeter Property GroupAlex Payne of Axis Realty Group represented Nutritional Science in the deal.
Read more at: Dallas News
Author: Candace Carlisle

Addison Office and Retail Project Sells at Foreclosure

Lenders have foreclosed on a large Addison office complex.
The 12-story, 300,000 square foot Greenhill Park offices on Midway Road was sold at foreclosure this week by Massachusetts Mutual Life Insurance.
In 2007, Mass Mutual made a $20 million loan on the office project, according to legal filings at Dallas County.
The 27-year-old office and retail buildings at 14131 Midway Rd. have been owned since 2006 by California-based Koll Co. and the Public Employee Retirement System of Idaho. They are located next door to Greenhill School.
Read more at: Dallas News
Author: Steve Brown

Uptown Dallas’ Rosewood Court Tower Lands High-end Men’s Clothier

The newest tenant at Uptown’s Rosewood Court office building isn’t another investment firm or energy company.
Alton Lane, a New York-based custom men’s apparel firm, has rented 2,000 square-foot in the office tower on Cedar Springs Road for its first Dallas location and its first showroom off the East Coast.
Along with Manhattan, the custom clothier currently has locations in Boston and Washington, D.C. where it sells high-end men’s apparel in by-appointment-only showrooms.
The firm sells custom shirts ranging from $89 to $500 and custom suits prices from $595 to $10,000.
Read more at: Dallas News
Author: Steve Brown

Work Starts on North Dallas Retail, Office and Apartment Complex

Developers aren’t wasting any time starting work on Dallas’ next big mixed-use real estate project.
Work crews have begun sitework at the northwest corner of Walnut Hill Lane and U.S. Highway 75 for the new Preston Hollow Village retail, office and apartment project.
The 40-acre development is a project of Missouri-based Kroenke Holdings and Provident Realty Advisors of Dallas.
The prime corner property has been vacant about five years since demolition crews knocked down aging apartments on the corner.
Now Kroenke and Provident are building a Trader Joe’s grocery store, 46,000 square feet of office space and about 60,000 square feet of additional shopping center space in the first phase.
Construction of more than 500 apartments to the north of the retail center will follow along soon.
Read more atDallas News 
Author: Steve Brown

Chinese Property Investors are Looking at Dallas

Dallas real estate is attracting a lot of looks from Chinese investors.
Since early this year, the number of Chinese real estate investor inquiries about the Dallas area have jumped by more than 600 percent at
The Internet site is used by Chinese investors looking to buy real estate all over the world.
While North Texas isn’t one of the top U.S. markets for Chinese buyers, said in a new report that the number of inquiries about Dallas properties on its site is increasing sharply.
Potential Chinese investors told they were interested in the Dallas area because of the local lifestyle, as a place to purchase a residence for their children’s education, as an investment and for immigration purposes.
Chinese investors spent $30 billion on property around the world in 2012.
And the National Association of Realtors says that Chinese buyers are the second most active foreign U.S. home purchasers.
More info at: Dallas News
Author: Steve Brown

Friday, August 09, 2013

Homebuilder Ranks Rebounding in Dallas-Fort Worth Area

After North Texas lost more than half of its major homebuilders during the recession, more players are entering the local residential building business.
And it’s no wonder they are coming back — the Dallas-Fort Worth area is rated one of the top three markets for new home sales in the country.
New home starts in the D-FW area are up almost 50 percent since the worst of the recession in 2009.
“At the low point in the third quarter of 2009, we had only 37 builders who constructed more than 50 houses a year,” said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. “Today we are back up to 50 builders.
“A lot of them are startups,” Wilson said. “A bunch of the big builders had layoffs during the recession that pushed capable people to the sidelines.”
Some of those former large-volume-builder execs are now running their own companies.
These days it takes a lot fewer annual starts to be one of the largest builders in North Texas.
“Back in 2007 if you were going to be a top 10 builder here, you were doing at least 1,000 units a year,” Wilson said.
In 2012, only two homebuilding firms — D.R. Horton and First Texas Homes — started more than 1,000 houses in the D-FW area.
Horton was by far the largest, with almost 2,400 local starts last year. The Fort Worth-based builder had more than a 13 percent North Texas market share here in 2012.
Horton was also the largest builder in the nation last year, according to a new ranking by Builder magazine.
Read more at: Dallas News
Author: Steve Brown